Property Rights in Money

David Fox

Detailed and systematic study of how property rights in money are transferred and enforced

Draws upon transactional economics, and relevant principles from both common law and civil law jurisdictions, to provide a coherent theory explaining how property rights in money operate

Considers the impact of technology on the methods used to transfer money, as well as looking at traditional methods

Applies economic and theoretical material to practical situations

Examines how property rights in money are enforced, for example when a payment is defective

Property Rights in Money

David Fox

Description

Property Rights in Money is a systematic study of how proprietary interests in the ownership of and transactions in money are transferred and enforced as part of a payment transaction.

The book begins by considering the different kinds of property recognised by the law which perform the economic functions of money. It describes how the nature of an owner's proprietary interest differs depending on the kind of property that is treated as money.

The main body of the work provides a detailed account of how property rights in money are transferred from one person to another, and the proprietary consequences when a transfer of money is ineffective. For example, the work considers the consequences for the passing of property in money when a
person pays the money by mistake, through the fraud of another or through a breach of his or her duties as a trustee or a company director.

The author provides a coherent explanation of the proprietary effect of money transfers whether made via a transfer of coins or banknotes or, as is now more common, through a bank payment system.

The final section of the book considers how a person can enforce his property rights in money, and the legal remedies open to him to recover his money once it is in the hands of a person who is not entitled to it.

Property Rights in Money

David Fox

Table of Contents

1. Money As PropertyLegal and economic conceptions of moneyMoney in the law of personal propertyPrimary concepts in explaining property in moneyIncorporeal assets in the law of propertyThe corporeal view of money as a cause of confusionDe-physicalization of moneyScope of the book2. Explaining the Property Rights Regime Applied to MoneyThe relevance of law to supporting the economic functions of moneyEconomics and the allocation of property rights in moneyPreventing divergence between the functions of money as a unit of account and as a medium of exchangeThe reality of the economic model3. Derivative Transfers of Title: General PrinciplesMain features of derivative transfers of titlePractical limitations on the explanation of derivative transfers of title to moneyThe payer's title before the transferTransfer of legal title by deliveryTransfer of legal title other than by deliveryThe validity of the underlying transaction and the effectiveness of the intention to transfer ownership4. Void Derivative Transfers of Title to Corporeal MoneyAbstraction and void underlying transactionsIncapacity to transferVoid transfers owing to absence of negativing of intention: generalAbsence of intentionMistake negativing of intentionMistake negativing intention in equity5. Derivative Transfers of Title to Incorporeal MoneyMoney transfers through a payment mechanismProperty and transfers through a
payment mechanismDifference one: the originator's title is not transferredDifference two: the beneficiary takes the legal title to the money transferred despite defects in originator's intention to make the paymentDifference three: explaining the priority of interests after a transfer of bank moneyVitiated transfers of incorporeal money: general principlesUnauthorised substitution and proprietary interests in the proceeds of a vitiated transferThe effect of vitiating reasons at law and in equity on the transfer of incorporeal money6. Voidable Derivative Transfers of Title to MoneyVoidable transfers and rescission: generalThe proprietary character of the payer's right to rescind7. Mixtures of MoneyProprietary effect of
mixtures of corporeal moneyProprietary effect of mixtures of incorporeal money8. The Currency of MoneyCurrency and the extinction of adverse titlesCurrency and bona fide purchaseThe elements of bona fide purchase for value9. Enforcement of Title to MoneyEnforcement of title through the law of wrongs and restitutionEnforcement of legal title to moneyEnforcement of equitable title to money

Property Rights in Money

David Fox

Author Information

David Fox is Lecturer in Law at St. John's College, Cambridge. His Cambridge Ph.D. was on the subject of 'Tracing Money at Common Law' and he has subsequently published a number of articles on monetary and restitution law issues.